Weekly Tip: Celebrating 10 Strong Years

 

Weekly Tips

Celebrating 10 Strong Years

6/16/2016

The Interstate Insurance Product Regulation Commission (IIPRC) has reached a very notable milestone this past week – the 10th anniversary of the inaugural meeting of the Compact’s governing Commission. It was ten years ago this June that the Commission came into existence by meeting the threshold of 26 member states representing over 40% of the premium volume joining the Compact. Wow, has the IIPRC grown in that time!

With Connecticut signing the Compact legislation into law last week, the IIPRC now has 45 member jurisdictions that represent 75% of the national asset-based premium volume.

Since the inaugural meeting ten years ago, over 100 Uniform Standards have been drafted, reviewed and adopted for the four asset-based product lines – life, annuity, disability income, and long-term care insurance. Never before have 197 companies (as of June 10th) registered by mid-year to utilize the speed-to-market benefits that are in place as a result of the IIPRC! The IIPRC has received and approved over 4,600 products, which equates to over 139,500 SERFF transactions! At the same time, the IIPRC has collected and remitted more than $11 million in state filing fees.

We would like to thank you for filing with the IIPRC and for your active participation in its success. Here’s to continued growth in the next ten years!